Business Directories

Top buildings in Manama 'obsolete'

Manama, July 3, 2012

Many high-profile buildings in Manama are virtually 'obsolete' in terms of modern day requirements, according to an international real estate company.

The findings were made in the latest Cluttons sector report, entitled The Imperfect Property for a Perfect Portfolio.

Country head Harry Goodson-Wickes said it underlined the need to take guidance from property experts on well-built and well-managed buildings on medium to long-term investments.

'Many high-profile buildings within Manama are now almost 30 years old, but are virtually obsolete in terms of modern day requirements,' said the report without elaborating further.

Cluttons said its residential management department was managing 12 properties in Manama with 100 per cent occupancy, which validated its philosophy that good property management protects and enhances an asset's long-term performance.

Goodson-Wickes argued that property investment remained, in many ways 'less risky' than that of equities and bonds. 'There are clearly imperfections with real estate as an asset,' he said.

'We place great emphasis on superior property management, and believe ourselves to be the market leaders in this field within Bahrain.' – TradeArabia News Service